Ethereum Price Analysis: ETH swiftly retests $3,900, reversal to the upside to follow?

Ethereum Price analysis

TL;DR Breakdown

  • Ethereum price analysis is bullish today.
  • ETH/USD continued to retrace yesterday.
  • Support at $3,900 still holds.

Ethereum price analysis is bullish today as we expect recovery to follow after a decline of almost 15 percent was seen earlier this week. Likely ETH/USD is now ready to move higher and continue the overall recovery from the massive drop seen last Friday. 

Ethereum Price Analysis: ETH swiftly retests $3,900, reversal to the upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The crypto market overall has seen a decline over the last 24 hours. Bitcoin lost 1.1 percent, while Ethereum 2.91 percent. Meanwhile, Terra (LUNA) is the worst performer, with a loss of 10.93 percent.

Ethereum price movement in the last 24 hours: Ethereum declines back to $3,900

ETH/USD traded in a range of $3,889.87 – $4,227.11, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 2.34 percent, totaling $26.75 billion, while the total market cap trades around $479.8 billion, resulting in a market dominance of 21.39 percent.

ETH/USD 4-hour chart: ETH looks to reverse?

On the 4-hour chart, we can see the Ethereum price finding support at $3,900 and quickly rejecting further downside, likely meaning a reversal to the upside should follow today.

Ethereum Price Analysis: ETH retests $3,900, reversal to the upside to follow?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price has continued to trade in a relatively large range over the past week. After spiking to $3,600 last Friday, ETH/USD saw a recovery to $4,500 this week.

However, further upside could not be reached, leading to another selloff on Thursday. Yesterday, the bearish momentum continued, leading ETH to retest the previous low of around $3,900 overnight.

As soon as the support was reached, rejection for further downside was seen, returning the Ethereum price above $4,000. Since then, ETH/USD has seen sideways movement as bulls likely prepare to recover even more.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as any further downside was rejected over the past hours after another push lower yesterday. Therefore, we expect ETH/USD to reverse and head higher again over the weekend.

While waiting for Ethereum to move further, see our articles on Pi Wallet, Electrum Wallet, and Celsius Wallet.

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Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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